The following is a summary of the EHang Holdings Limited (EH) Q1 2024 Earnings Call Transcript:
Financial Performance:
EHang's Q1 2024 total revenue increased significantly by 178% YoY to RMB 61.7 million.
The gross margin was 61.9%, indicating high profitability.
Operating expenses showed a minor increase, up 8.7% YoY to RMB 54.5 million.
Adjusted operating loss reduced by 63.4% YoY to RMB 12.6 million.
Predictions for Q2 2024 revenues show a substantial increase, anticipated to reach around RMB 90 million, which would be an over 800% rise YoY.
Business Progress:
EHang obtained the Production Certificate from the CAAC, allowing mass production of EH216-S, following its Type Certificate acquisition last year.
The company achieved a record delivery of 26 EH216 series products in Q1 2024, more than double YoY.
EHang has been involved in multiple low-altitude economy projects in China and overseas regions, including the UAE, Costa Rica, and Japan.
Strategic partnerships have been established with Guangzhou Automobile Company and Greater Bay Technology for improvements in intelligent manufacturing, mobility products, and Ultra-Fast Charging battery solutions for eVTOL aircraft.
The company has secured orders from the government, scenic areas, and foreign clientele with planned Q2 delivery volumes expected to markedly outpace Q1.
The appointment of Mr. Zhao Wang as the Co-Chief Operating Officer is anticipated to fuel commercial operations.
Progress is seen with stable deliveries from suppliers, localized components for EH216, and the development and testing of new battery variants in partnership with Greater Bay Technology.
Research and airworthiness preparations for the VT-30 product are underway.
More details: EHang IR
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